← 724 3rd Ave, Watervliet, NY 12189 · All properties

DESCRIPTION-FULL-2026-04-12 - 724 3rd Ave, Watervliet, NY 12189.md

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**Fully Occupied Triplex Located in Watervliet, New York** ## Offering Details - [Earl Co](https://loftyassist.com/profiles/eco) transferred his property's deed to a new LLC and is selling a portion of the LLC on the Lofty Marketplace. This property is the only asset owned by the LLC. - Tokens represent direct ownership in the LLC that owns the property. Earl will maintain at least 10% ownership in the LLC indefinitely. - View proof of Earl's ownership prior to the title transfer and proof of ti

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**Fully Occupied Triplex Located in Watervliet, New York**

## Offering Details
- [Earl Co](https://loftyassist.com/profiles/eco) transferred his property's deed to a new LLC and is selling a portion of the LLC on the Lofty Marketplace. This property is the only asset owned by the LLC.
- Tokens represent direct ownership in the LLC that owns the property. Earl will maintain at least 10% ownership in the LLC indefinitely.
- View proof of Earl's ownership prior to the title transfer and proof of title transfer [here](https://www.dropbox.com/scl/fi/ou0vs13omvnrhu36xfjtm/Warranty-Deed-724-3rd-Ave-Watervliet-NY-12189.pdf?rlkey=raxaxnnrgoux2ohr66dfigdzg&st=whg2n9h2&dl=0). View the LLC documents [here](https://www.dropbox.com/scl/fo/q3ksf4ttc46awdnhvs010/APMdwufSqgFNqptwLLnGIJU?rlkey=kjc51jjxquo6xm4adpmij47ya&st=e9oklnt4&dl=0).

## Property Details
- Brick 3 family property in historic Port Schuyler area with each unit boasting historic detail and ornamental fireplaces.
- The basement has a side entrance, a brick-paved patio, one bedroom with a den alcove, and a gated wooden fence for added privacy.
- On the 2nd and 3rd floors, tenants enjoy decks that overlook the historic Erie Canal site, now transformed into a vibrant community park.
- The 3rd floor is equipped with separate utilities and a small second bedroom, adding convenience and flexibility.
- Conveniently located close to highways, the charming Schuyler Bakery, and the renowned Valenti's, residents can enjoy easy access to amenities.
- Earl advised that tenants consistently pay rent on time ensuring a steady income stream for the property. He also provided the following information below:
- There is massive demand for sub-$1000 apartments in this area. The middle unit has housed the same tenant since approximately 2011 and is currently rented well below market rates, but necessitates substantial renovation. Due to a commitment to not displace tenants for the sake of gentrification, there are no immediate plans to relocate the tenant or renovate his unit which would then require raising his rent to match market rates. Moreover, for tenant's personal preferences, he will likely remain a renter in this building indefinitely.
- Should the opportunity to renovate Floor 1 arise, a governance vote may be proposed for a capital call to renovate this unit and bring its rent up to market levels, which is currently around $960.
- Annual rent increases of approximately 2-4% are implemented in the tenants' leases, to maintain fairness and keep pace with inflation while gradually approaching market rates. The intention is not to drastically raise rents but to account for rising costs of utilities, insurance, maintenance, and repairs, while ensuring that the property remains appropriately valued.
- Earl provided a credit to pay for 100% of the repair costs of any "Major Defect and/or Safety Hazards" mentioned in the Inspection Report. This includes the roof, HVAC, foundation issues, and more. See the [Inspection Report Repairs](https://www.dropbox.com/scl/fi/fx51frg7zwdubypqdjaec/Inspection-Report-Repairs-724-3rd-Ave-Watervliet-New-York-12189-2.pdf?rlkey=ayo5f1ijlplsjnge5phed3kzi&st=1wtfm7m7&dl=0) document for more details.
- Earl's PM fee is 5% in year two (May 2025-2026) and 6% in year three (May 2026-2027).
- View the Year-to-date Profit & Loss Statement [here](https://www.dropbox.com/scl/fi/kb7mn5pc2p7jqdjby1l8j/P-L-724-3rd-Ave-Watervliet-NY-12189.xlsx?rlkey=q25rqfo3dmjn8gix0mkh909yf&st=hh8i3bc2&dl=0).

## Property Management and Insurance
- Managed by the seller, [Earl Co](https://www.airbnb.com/users/show/44434571)
- [Property Management Agreement](https://www.dropbox.com/scl/fi/9gk5ozo9lmij8f4iz6eol/Property-Management-Agreement-724-3rd-Ave-Watervliet-NY-12189.pdf?rlkey=kjkzf5dxkypkv7iph6ur2ctuh&st=z6y2ybyq&dl=0)
- [Insurance Policy](https://www.dropbox.com/scl/fi/ybthjuj182o13ra3xr1vp/Insurance-Policy-724-3rd-Ave-Watervliet-NY-12189.pdf?rlkey=jel68zr3bwjbtx590qja70k7p&st=ivtdd62l&dl=0) from State Farm

## Property Leverage
- This property has a loan balance of $68,092.36 as of 11/13/2025. View the loan agreement and recent statement [here](https://www.dropbox.com/scl/fo/slxs9mmp6vdb39317tlvq/ANHroZSOM5KT05rE2XYZP80?rlkey=egr0bo4pf8id7cnt0aam9jwnm&st=i75ix5jf&dl=0).
- As the seller, [Earl Co](https://www.airbnb.com/users/show/44434571), pays down 100% of the loan payments, his equity percentage in the property will increase and the levered rental yield of investors will decrease over time. Investors have the ability to change this structure via a governance vote.

## Occupancy Status
- **Basement:**
    - Vacant as of 8/31/25, listed for rent @ $1,050/month with LOTS of interest
- **Floor 1:**
    - 1 year lease (02/01/2024 - 01/31/2025)
    - $710/month
    - $650 Security Deposit
    - Same tenant was previously on a month-to-month lease starting on 10/01/2020
    - [Lease Agreement](https://www.dropbox.com/scl/fi/4c7zy1pzyas638zl6d8mz/Lease-Addendum-FL-1-02-01-2024-01-31-2025-724-3rd-Ave-Watervliet-NY-12189_Redacted.pdf?rlkey=st4zy7dooge6o1mkgnds9qgba&st=hbhv5c8m&dl=0)
- **Floor 2:**
    - Month-to-month lease since 07/01/2025
    - $900/month
    - Same tenant was previously on lease since 06/21/2022
    - $800 Security Deposit
    - [Lease Agreement](https://www.dropbox.com/scl/fi/dgqnbtjh1tz4xyzhjb90z/Lease-FL-2-06-21-2022-724-3rd-Ave-Watervliet-NY-12189_Redacted.pdf?rlkey=b4p4n01wrsywc6rsr1aew4rex&st=vlbiax8o&dl=0)
    - [Lease Addendum](https://www.dropbox.com/scl/fi/00f4owk2gqd3nybyn65x7/Lease-Addendum-FL-2-06-22-2022-06-30-2024-724-3rd-Ave-Watervliet-NY-12189_Redacted.pdf?rlkey=qnpwyxznvadaabugq8goeeh0b&st=igg29fi9&dl=0)

## Location Data
- "B" Rating for Zip Code on [Niche](https://www.niche.com/places-to-live/z/12189/)

## Due Diligence Documents
- [HouseCanary Property Valuation Report](https://www.dropbox.com/scl/fi/dxh1wdcjgar43734wvpca/Property-Valuation-Reports-May-2024-724-3rd-Ave-Watervliet-NY-12189.pdf?rlkey=k8pxksh7ut5a2t9q2x54x50x2&st=kkkwli6m&dl=0)
- [Warranty Deed](https://www.dropbox.com/scl/fi/ou0vs13omvnrhu36xfjtm/Warranty-Deed-724-3rd-Ave-Watervliet-NY-12189.pdf?rlkey=raxaxnnrgoux2ohr66dfigdzg&st=whg2n9h2&dl=0)
- [Appraisal](https://www.dropbox.com/scl/fi/oegfoxggrt69tzwdc86e1/Appraisal-724-3rd-Ave-Watervliet-NY-12189.pdf?rlkey=23bcd5as9w0zo6i0jwbe9bzsg&st=27a8du0z&dl=0)
- [Inspection Report Repairs](https://www.dropbox.com/scl/fi/fx51frg7zwdubypqdjaec/Inspection-Report-Repairs-724-3rd-Ave-Watervliet-New-York-12189-2.pdf?rlkey=ayo5f1ijlplsjnge5phed3kzi&st=1wtfm7m7&dl=0)
- [Inspection Report](https://www.dropbox.com/scl/fi/fnvky1ozxnaa3t39cngi2/Inspection-Report-724-3rd-Ave-Watervliet-NY-12189.pdf?rlkey=8zfyzi8r5zsip04xmoo4weneu&st=js1xj649&dl=0)
- [Operating Agreement](https://www.dropbox.com/scl/fi/xa6pzjtz50zikn5i5a96v/Operating-Agreement-Grape-LFTY403-DAO-LLC-2.pdf?rlkey=9yxmip2jswo0chh2kmqh1bbjo&st=upq70tx4&dl=0)
- [View All Documents](https://www.dropbox.com/scl/fo/q3ksf4ttc46awdnhvs010/APMdwufSqgFNqptwLLnGIJU?rlkey=kjc51jjxquo6xm4adpmij47ya&st=zy6pvei0&dl=0)
- [View All Updates](https://www.loftyassist.com/properties/01HW421V0876XEFDHBT50NXB2W)
- [Listen to an Homage 🎵](https://suno.com/s/FXe49NASH9gDS7in)